RFG acquires Qld piemaker Beefy's Pies for $10m

Global food and beverage group Retail Food Group (RFG) has announced its entry into a conditional sale and purchase agreement (SPA) to acquire Queensland piemaker Beefy’s Pies (Beefy’s) for $10m.

Established in 1997, Beefy’s is a family-owned manufacturer and retailer of pies and bakery goods on the Sunshine Coast. Beefy’s founder and CEO Mark Hobbs said the company has nine stores across Queensland and key products are made in-house at its manufacturing facility on the Sunshine Coast, which employs 180 people.

RFG CEO Matt Marshall said, “The acquisition of Beefy’s is significant not only because it is a great business that is complementary to our existing brand portfolio but because it marks the beginning of RFG’s next phase of growth.

“We look forward to working with the Hobbs family and all Beefy’s employees to ensure their pies can be enjoyed by more and more Australians.”

Mark Hobbs said, “Joining the RFG network will help Beefy’s take the next step in its growth journey as we will become part of a team with many decades of retail experience, as well as benefit from being in a group with a larger balance sheet and access to support functions.”

Beefy’s is anticipated to transition across to RFG following initial completion of the SPA in mid-December 2023. Mark Hobbs will continue in an advisory role during the first year and there will be no immediate changes to the Beefy’s team, business operations or supply partnerships. All existing supply partner arrangements will remain unchanged and there will be no impact on franchise partner operations across RFG’s existing brands.

Image caption: RFG CEO Matt Marshall (right) and Beefy’s Pies CEO Mark Hobbs